Kalaari and Stellaris lead Rs 24 Cr round in fintech startup Signzy

Digital onboarding solution provider for financial institutions Signzy has raised Rs 24 crore in a round led by venture capital firms Stellaris Venture Partners and Kalaari Capital.

The Bengaluru-based startup also saw participation from Google's Rajan Anandan, Dilip Khandwelwal from SAP Labs India, and Amrish Rau from PayU India.

The three-year-old fintech firm will use the fresh capital to increase its product portfolio, strengthen its technology stack and expanding it to overseas.

Signzy essentially offers a digital onboarding solution for banks, NBFCs and other financial institutions including mutual funds, P2P lending platforms, and payment wallets. For authenticating, identifying and doing background checks on clients, the startup has deployed Artificial Intelligence (AI) and blockchains.

Its onboarding solution, Real KYC, has been deployed by more than 50 large clients such as SBI, ICICI, PayU, and Mswipe among others. Besides, it also does the forensic analysis of documents as well as cross-verification on multiple databases for individuals as well as SMEs.

Floated in 2015 by Ankit Ratan, Ankur Pandey, and Arpit Ratan, Signzy had raked in $600,000 in a funding round led by K-Start, Kalaari Capital’s seed initiative programme.

In 2018, Kalaari has invested in over 10 startups including Vokal, Hiver, Cure.fit, Milkbasket, Rubique, and UrbanLadder, while Stellaris leads in funding rounds in Shop101, Mamaearth, logistics startup Loadshare, among others.

The development was reported by ET.